WPP-owned media investment management arm GroupM on Tuesday said it has acquired a majority stake in the media agency MediaCom India, a joint venture between GroupM India and Sam Balsara, the principal shareholder of the Madison Media group.

GroupM, which did not disclose the details of the deal, stated that MediaCom India will continue to operate as an independent brand.

Debraj Tripathy, managing director of MediaCom will continue to head the agency in India.

“MediaCom India has won several prestigious clients, developed a strong digital presence and has delivered award-winning campaigns for clients," C.V.L. Srinivas, chief executive, GroupM South Asia said in a statement. “As a network, we have taken giant strides globally and in India towards a more data and tech-led core to our business. MediaCom India can harness our world-class media infrastructure to provide more value to its clients and people," he said.

“This is as per our agreement entered eight years ago. We will continue to own 26% in Medicom India. While entering into this agreement, I had some hesitation in partnering with a competitor. But time has shown that my fears were misplaced. It has demonstrated to me that in today’s complex world, one can be a partner and a competitor to the same entity and make a success out of it," said Sam Balsara, Madison World chairman and managing director.

Founded in 2007, MediaCom India has established itself as one of the top five media agencies in the market in terms of market share according to RECMA ratings 2015. In 2016, global marketing intelligence service WARC ranked MediaCom India’s Mumbai office as one of the top 10 media agencies in the world based on performance in effectiveness and strategy impact for its clients.

Globally, MediaCom employs 7,000 people in 125 offices across 100 countries. Its global client roster includes Dell, P&G, Shell and Universal.

GroupM operates WPP’s media agencies including Mindshare, MEC, MediaCom, Maxus, Essence and Motivator in India. Its primary purpose is to maximize the performance of WPP’s media agencies by operating as leader and collaborator in trading, content creation, sports, digital, finance, and proprietary tool development.

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